Tuesday, 7th May 2024
Hilton, St Julian's
This event has already passed and registrations are closed.
Overview
The Malta Financial Services Authority invites you to join regulatory authorities, international partners, and industry stakeholders at its Malta conference on 7 May 2024. Mark your calendars for this unique event which is set to take a closer look at the country’s regulatory framework and licensing processes for Trustees and Company Service Providers.
This one-day event promises to be a forum for constructive dialogue, with the participation of MONEYVAL and the EU Commission, as well as industry representatives such as IFSP and STEP, who will be joining national competent authorities, including the MFSA, FIAU, and the Sanctions Monitoring Board.
Our line-up of speakers from the various local and international entities will be sharing insights on several topics, namely:
- Malta’s Regulatory Framework and Licensing Processes for TCSPs
- The Establishment of the Trusts Ultimate Beneficial Ownership Register (TUBOR)
- The Newly Revised 2023 NRA
- FIAU’s AML Supervision
- Enforcement
- Public Private Partnerships
- International Financial Sanctions
Who Should Attend
- TCSP professionals including directors, compliance officers, MLROs, legal advisors, and administrators.
- Financial services professionals such as bankers, accountants, auditors, and tax advisors, who work closely with TCSPs or require an understanding of TCSP regulations and practices.
- Legal professionals specialising in corporate law, financial law, and trust law, who advise clients on matters related to trusts, companies, and other legal structures.
- Compliance officers and risk managers who are responsible for ensuring that TCSPs comply with legal and regulatory requirements, as well as managing risks associated with trust and company services.
- Representatives from industry associations and organisations involved in the trust and company services sector, who can provide insights into industry trends and best practices.
- Domestic and foreign Regulatory and Supervisory Authorities.
Agenda
| 08:30H | Registration & Networking | |
| 09:00H | Introduction
Kenneth Farrugia - Chief Executive Officer, MFSA |
|
| 09:15H | Panel Discussion: Strengthening Regulations for TCSPs
Bernice Buttigieg - Chief Strategy Officer, FinanceMalta (Moderator) |
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| 09:55H | Fireside Chat: National Risk Assessment and National AML/CFT Strategy
Kurt Spiteri Lucas – Deputy Head, Financial Crime Compliance, MFSA (Moderator) |
|
| 10:15H | Coffee Break | |
| 10:50H | MONEYVAL Expectations
Andrew Le Brun – Deputy Executive Secretary, MONEYVAL |
|
| 11:00H | Panel Discussion: Authorising TCSPs
Eric Micallef - Senior Analyst, Financial Crime Compliance, MFSA (Moderator) |
|
| 11:40H | TUBOR
Enya Tanti – Senior Analyst, TCSPs Supervision, MFSA |
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| 12:00H | Panel Discussion: Supervising TCSPs
Daniel Abela - Deputy Head, Financial Crime Compliance, MFSA (Moderator) |
|
| 12:40H | Keynote Speech: Intelligence - The FIAU's Experience
Ruth Aisthorpe Gauci – Head of Intelligence, FIAU |
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| 13:00H | Lunch & Networking | |
| 14:20H | Keynote Speech: Enforcement – The FIAU’s Experience
Elena Tabone – Head Enforcement, FIAU |
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| 14:40H | Keynote Speech: Enforcement – The MFSA’s Experience
Michelle Mizzi Buontempo – Chief Officer Enforcement, MFSA |
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| 15:00H | Keynote Speech: Outcomes Based Supervision
Christopher P. Buttigieg – Chief Officer Supervision, MFSA |
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| 15:20H | Coffee Break | |
| 16:00H | Keynote Speech: International Sanctions and EU Restrictive Measures
Gabrielle Caligari Conti – Sanctions Monitoring Board, MIA |
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| 16:20H | Keynote Speech: NPIFs and CSPs
Gerd Sapiano, Deputy Head, Strategy, Policy and Innovation, MFSA |
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| 16:40H | Panel Discussion: Public-Private Partnerships
Alfred Zammit - Director, FIAU (Moderator) |
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| 17:15H | Closing Remarks
Jesmond Gatt – Chairman, MFSA |
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| 17:30H | Networking Reception | |
Registrations
The Authority encourages interested participants to register here by not later than Friday 3 May 2024.
Registration is on a first come, first served basis.
Speakers
Chairman, MFSA
Jesmond Gatt
Jesmond Gatt was appointed as Chairman of the Board of Governors of the Malta Financial Services Authority in 2023. Mr Gatt joined the Central Bank of Malta in 1984, graduating in Mathematics and Computing at the University of Malta in 1995. During his career at the Bank, which spans over 37 years, he has worked on all major IT projects holding the position of Chief Officer responsible for retail banking services, management of currency and the regulation of payment systems and infrastructures. He formed part of the core financial sector team which oversaw the changeover to the Euro in Malta in 2008. Since Malta became part of the European Union he has been a member of a number of Euro system and European Commission committees working on payments systems and the management of euro notes and coins. He has also participated in a number of European Commission initiatives drawing up payment systems regulations. Since 2016 he has been sitting on the Board of the FIAU, acting as Chairman to the Board from 2020. In December of 2022 he has taken up the role of Chief Executive Officer at the Malta Government Investments.
Chief Executive Officer, MFSA
Kenneth Farrugia
Kenneth Farrugia, CEO of the MFSA, holds a Bachelor of Accountancy (Hons), an MA in Business Ethics, and is a Certified Public Accountant and a fellow member of the Malta Institute of Accountants (MIA). Throughout his career, Mr Farrugia held audit positions both within private audit firms and the public sector. Prior to joining the MFSA, Mr Farrugia was the Director of the FIAU, Malta’s financial intelligence and single AML/CFT Supervisor and Enforcement Unit in Malta, for six years until April 2023. During his tenure he implemented major policy, system and procedural reforms within the various sections of the FIAU, including intelligence analysis, AML/CFT supervisory and enforcement initiatives, and legal and international relation areas. Additionally, Mr Farrugia spearheaded the setting up of new teams within the Unit such as the cash limitation supervisory team, the central bank account registry and data analytics team, as well as the strategy, policy and quality assurance teams to cater for new responsibilities assigned to the FIAU by law, and also to enhance the overall governance structure of the Unit. He represented the FIAU in international fora, including the EBA AMLC, FIU Platform and EGMONT, amongst others, and participated in various AML/CFT high-level committees. For nine years up to 2017, he was engaged within the Government of Malta’s Internal Audit and Investigations Department (IAID) where he held various roles, including that of Director General. Mr Farrugia provided support to the Internal Audit & Investigations Board (IAIB) in drafting policies and procedures, implementing and managing the necessary change programmes and served as Secretary to that Board. He also participated in various meetings, seminars and conferences organised by the European Commission in the fields of auditing and financial investigations. Mr Farrugia is currently also the Chairman of the FIAU.
Chief Officer Supervision, MFSA
Christopher Buttigieg
Dr Christopher P. Buttigieg was appointed as Chief Officer Supervision in March 2020 following his appointment as Chief Officer Strategy, Policy and Innovation in 2019. During his tenure as Head of Securities and Markets Supervision before 2019, which stretched over four years, Dr Buttigieg was responsible for work in the field of policy, regulation and supervision of securities, markets and FinTech. He joined the Authority in 2000 as Manager in the Investment Services Unit and has gained professional experience in various areas of financial regulation, supervision, the investigation of market misconduct and the enforcement of sanctions. Dr Buttigieg was responsible for implementing various pieces of EU legislation in the field of securities and markets and has led different regulatory and supervisory teams within the Authority. He sits on the Authority’s Supervisory Council and represents the MFSA at various European Fora on financial regulation and supervision. He is the MFSA’s alternate member on the ESMA Board of Supervisors and is the Chair of the ESMA Data Standing Committee. Dr Buttigieg is a lecturer in the Banking and Finance Department of the University of Malta and has published various papers on financial regulation and supervision in academic and professional journals. For a period of two years, up to April 2015, Dr Buttigieg was a director on the board of the Malta Resources Authority, Malta’s energy regulator. In 2015, the President of Malta appointed Dr Buttigieg as a member on the board of the Fund for Voluntary Organisations. Dr Buttigieg is also a member of the Board of Trustees of the Academy of European Law (Trier).
Chief Officer Enforcement, MFSA
Michelle Mizzi Buontempo
Dr Mizzi Buontempo has been occupying the position of Chief Officer Enforcement since March 2020, after five years heading the Conduct Supervision function within the MFSA. Michelle has over twenty years of experience in the regulation and supervision of different areas within financial services, including supervision of investment firms and fiduciaries. She represented the MFSA at various Committees of the ESAs and is a member of the ECB Supervisory Board. During her career within the MFSA, Michelle has been entrusted with the responsibility of piloting a number of projects including the setting up of a regulatory regime to enhance consumer protection in the investments and insurance sector, as well the establishment of a new regulatory framework for trustees and company service providers. Michelle regularly lectures on corporate governance and consumer protection. An advocate by profession, Michelle was awarded a Masters Degree in Financial Services from the University of Malta. She also holds a warrant to practice in the Maltese Courts. Prior to joining the MFSA, she headed the corporate division of a leading audit firm specialising in financial services.
Head, Financial Crime Compliance, MFSA
Matthew Scicluna
Matthew Scicluna joined the MFSA in 2010, after a 2-year stint with a local bank, and has extensive experience in financial services regulation, risk management, supervision, focusing on AML/CFT and combatting financial crime. At the MFSA, he has held various positions within the Securities and Markets Supervision function, the Conduct Supervisory function and the Enforcement (AML/CFT section) function. Throughout his career, Matthew has been involved in a number of projects and assignments and worked on several major investigations related to ML and TF, currently representing the MFSA in various evaluations conducted by international bodies. He represented the MFSA within various Committees of the European Supervisory Authorities and is currently involved in a number of European network groups related to financial crime compliance. He also sits on the National Coordination Committee. He also attends sessions of the recently established Standing Committee on AML/CFT, which is a permanent internal committee of the EBA. Matthew holds a Bachelor of Commerce (Hons), Banking and Finance and the Master of Arts in Financial Services, from the University of Malta. He continued to specialise in financial services, completing an International Diploma in Anti-Money Laundering and an International Diploma in Financial Crime Prevention, both from the University of Manchester. He also possesses Crypto Currency Investigator accreditation from the Blockchain Intelligence Group.
Deputy Head, Financial Crime Compliance, MFSA
Daniel Abela
Daniel Abela joined the MFSA in 2022 and is responsible for the Onsite Inspections Team, by leading the team for numerous interactions with the subject persons. He holds various qualifications from both ICA and ACAMS in relation to Financial Crime Compliance. Prior to joining the Authority, Daniel worked for some years in the Consultancy business related to Financial Crime. He also has over 15 years of experience in Banking where he worked in various areas such as Retail Banking, Wealth Management, Financial Advisory and Financial Crime Compliance.
Deputy Head, Financial Crime Compliance, MFSA
Kurt Spiteri Lucas
Kurt Spiteri Lucas graduated in B.Com (Hons.) Banking and Finance from the University of Malta in 2005 and has been working in the financial services sector since then. During these past 19 years, Kurt held various positions within operations and due diligence teams within leading investment firms. In 2015, Kurt joined MFSA’s Financial Crime Compliance function and as the Deputy Head – Offsite and Risk-Analysis, he is involve providing Financial Crime guidance and expertise to the MFSA’s supervisory functions during their day-to-day operations. Kurt also obtained the ICA Diploma in Anti-Money Laundering from the University of Manchester.
Deputy Head, TCSPs Supervision, MFSA
Petra Camilleri
Petra Camilleri graduated with a Doctor of Laws from the University of Malta, and obtained a Masters Degree in Commercial and Corporate law from the University of London. She joined the MFSA in 2012, forming part of the Trustees and Company Service Providers Supervision (TCSPs) Team which at the time formed part of the Securities and Markets Supervision Function. She is currently the Deputy Head of the TCSPs Supervision Function and is responsible for the management and oversight of the supervision team. She was involved in the transposition of the Anti-Money Laundering Directive relating to the setting up of the Trusts Ultimate Beneficial Ownership Register(TUBOR), as well as other legal and regulatory drafting projects relating to trustees and company service providers.
Deputy Head, TCSPs Supervision, MFSA
Alison Cortis
Alison Cortis holds a Bachelor of Commerce (Hons) in Banking and Finance from the University of Malta and later obtained the Society of Trust and Estate Practitioners (STEP) Diploma in International Trust Management. She started her professional career over twenty years ago in the private sector with an international company specialising in the administration and management of trusts. Alison also worked with a local investment firm specialising in brokerage. Alison is currently the Deputy Head of the Authorisation Team within the Trustees and Company Service Providers Function at the Malta Financial Services Authority. She joined the Authority in 2010 and has since been mainly involved both in the supervision of Trustees and Company Service Providers, Alison has been involved in the amendments to the regulatory framework applicable to Trustees and Company Service Providers. She also had a leading role with the implementation of the Company Service Providers Reform.
Deputy Head, Due Diligence, MFSA
Stephen Piccinino
Stephen joined the Malta Financial Services Authority in 2020 and currently serves as Deputy Head within the Due Diligence Function, which is responsible for carrying out integrity checks across various facets of authorisations and supervision within the Authority. Stephen has more than 12 years’ experience in regulatory compliance and performed various anti-money laundering and financial crime advisory roles within a leading audit firm in Malta, UK and Belgium. Throughout this time, Stephen has managed various AML/CFT and sanctions remediation programmes within international banks. Stephen is a Member of the International Compliance Association and holds a Bachelor of Commerce (Honours) degree in Economics from the University of Malta as well as a Diploma in Anti-Money Laundering with the International Compliance Association.
Deputy Head, Strategy, Policy and Innovation, MFSA
Gerd Sapiano
Gerd Sapiano is the Deputy Head within the Strategy, Policy, and Innovation function of the Malta Financial Services Authority. Throughout his time at the Authority, Gerd has been heavily involved in the drafting of various legislative instruments, supervision of investment firms, as well as the investigation of a number of firm specific issues. He is currently focusing his efforts on strategy and policy initiatives. Gerd has a law degree (LL.D.) and a Masters in financial services (M.A. Fin Ser.) from the University of Malta.
Senior Manager, TCSPs Supervision, MFSA
Karen Cutajar
Since 2014 Karen Cutajar has been involved in the authorisation processes of persons seeking to obtain authorisation to act as professional trustees and/or to act as company service providers. She is currently the Senior Manager within the Authorisation Team of the Trustees and Company Service Providers Supervision.
Senior Technical Expert, TCSPs Supervision, MFSA
Angela Thorns
Angela Thorns is a Senior Technical Expert within the Trustees and Company Service Providers Supervision Function at the Malta Financial Services Authority. She graduated as a lawyer in 2002 and advanced her academic studies in financial services by reading for a Master of Arts in Financial Services, graduating in 2004. Throughout her career she has worked with law firms and corporate service providers, both locally and internationally, advising on corporate, commercial and regulatory compliance. She joined the MFSA in 2022 as part of the team responsible for the implementation n of the reform to the Company Service Providers Act.
Senior Analyst, Financial Crime Compliance, MFSA
Eric Micallef
Eric Micallef started working at the Authority through an internship while he pursued his studies at the University of Malta. Holding a Bachelor’s Degree (Honours) in Criminology, he has been part of the Financial Crime Compliance function for almost two years. Eric is currently reading for an ICA International Diploma in Anti-Money Laundering as well as for a Masters in Forensic Accounting at the University of Portsmouth.
Senior Analyst, TCSPs Supervision, MFSA
Enya Tanti
Enya Tanti graduated with a Masters of Advocacy in 2018 and a Masters in European Business Law in 2020, both from the University of Malta. Prior to joining the Trustees and Company Service Providers Supervision Team in 2020, Enya carried out legal internships with the People for Change Foundation and Aditus Foundation. Enya had also worked with a local trustee for two years, where she handled a portfolio of companies, trusts and private foundations. Apart from being actively involved in the supervision of TCSPs, Enya is currently contributing in working groups focusing on the developments in the Trustees and CSPs regulatory frameworks.
CEO and Registrar of Companies, MBR
Geraldine Spiteri Lucas
Dr Spiteri Lucas is the Chief Exeuctive Officer / Registrar of the Malta Business Registry and is responsible for the overall management and performance of the Registry, as well as the strategy development and implementation of the Business Register. She has played a pivotal role in bringing about key changes within the entity that were crucial in updating the registry in line with european and international criterias. She graduated as a Doctor of Laws from the University of Malta in 2010 and few months later obtained her warrant to practice in the Maltese Courts. She read Masters in European and Comparative Law, graduating in 2012. She started her career with a leading local law firm, advising local and international clients on civil, commercial, corporate, shipping and aviation law. She also represented various clients in litigation procedures before Tribunals and local Courts. She is also a member of the board of examiners for the Department of Commercial Law of the University of Malta.
Chief Strategy Officer, FinanceMalta
Bernice Buttigieg
Bernice held the role of secretary general at the Institute of Financial Services Practitioners (IFSP) and the Malta Branch of the International Fiscal Association before being entrusted with supporting the setting up of STEP (Malta) and later FinanceMalta. She was also a director of the Accountancy Board and is a visiting lecturer with the University of Malta, teaching Masters students on financial services-related topics within the Faculty of Laws.
Director, FIAU
Alfred Zammit
Alfred Zammit, Director of the FIAU, joined the Unit in 2010 and was appointed Director in December 2023. Mr Zammit regularly participates in AML/CFT international workshops and conferences, and represents the FIAU in international I, such as the meetings of the Egmont Group of FIUs, the EU FIU Platform and Moneyval, among others. He has participated in various AML/CFT training sessions, both locally and internationally, and regularly contributes in formulating AML/CFT guidance documents, legal amendments and the transposition of EU AML/CFT directives. Mr Zammit also participates in the various internal committees, including the Compliance Monitoring Committee, which reviews compliance cases and possible breaches by subject persons of the pertinent legislation.
Head, Enforcement, FIAU
Elena Tabone
Elena Tabone, joined the FIAU in 2015 as a Compliance Officer. Throughout the years, she has been actively involved in the supervision of financial institutions and DNFBPs from an AML/CFT perspective. She has contributed extensively to the enhancement of the FIAU’s supervisory framework, ensuring its continuous development in line with European and international requirements, as well as to cater more effectively for the ML/FT risks arising from the sectors falling within the FIAU’s supervisory remit. Throughout her roles at the FIAU Ms Tabone was also responsible for the implementation of the Compliance and Supervision Platform for Assessing Risk System (CASPAR) and for risk assessing subject persons. Ms Tabone currently heads the Enforcement Section of the FIAU. The Enforcement Section is responsible for the proper application of administrative measures imposed on subject persons by the FIAU’s Compliance Monitoring Committee and for following up on remedial action plans presented by subject persons to ensure compliance with the AML/CFT legislative provisions. Ms Tabone obtained a Bachelor of Commerce (Hons) degree in Insurance and Finance from the University of Malta in 2014 and attained the CAMS qualification in 2020. Prior to joining the FIAU, she worked as a Commercial Claims Handler with a leading Maltese insurance broker.
Head, Legal Affairs, FIAU
Jonathan Phyall
Jonathan Phyall is the current Head of the FIAU’s Legal Affairs Section. He has been involved in the drafting of both local legislation in the area of AML/CFT, including as part of transposition exercises, and of guidance addressed to subject persons on how AML/CFT requirements are to be applied. Jonathan regularly attends for, and participates in, meetings of the Egmont Group of FIUs, the FIU-Platform, the Expert Group on Money Laundering and Terrorist Financing and of the European Banking Authority’s Anti-Money Laundering Standing Committee. In addition, he has participated in a number of Working Parties at Council level focusing on European AML/CFT legislation, including a number of Working Parties focusing on the AML Package. Jonathan also forms part of the Maltese delegation attending for the Conference of the Parties of the Warsaw Convention. He is also a MONEYVAL assessor. A lawyer by profession, prior to joining the FIAU, Jonathan held a number of compliance and AML/CFT-related positions with local financial institutions.
Head of Intelligence, FIAU
Ruth Aisthorpe Gauci
Ruth Aisthorpe Gauci, Head of the Intelligence Analysis section, is responsible for overseeing the FIAU’s analytical function, as well as its co-operation with domestic authorities and foreign counterparts on combating money laundering and the funding of terrorism. Having a background in various areas in the financial services industry, she joined the Unit in 2015 as an intelligence analyst.
Senior Manager, Legal Affairs, FIAU
Daniel Frendo
Daniel Frendo has been working at the FIAU for the past 6 years. He received his Doctor of Laws at UoM.
Consultant, NCC
Yehuda Shaffer
Yehuda Shaffer is an independent consultant specializing in risk and wealth management both in the private and governmental sector with specific expertise in AML CFT, FATF standards and evaluations, and in the investigation and prosecution of financial crime, money laundering, terror financing and confiscation of assets. Mr Shaffer served as the Israeli Deputy State Attorney (Financial Enforcement) overseeing all investigations and prosecutions of proceed generating crime including money laundering and confiscation.
Executive Secretary, NCC
Pauline Saliba
Pauline Saliba Executive Secretary at National Coordinating Committee in the Combating of Money Laundering and Funding of Terrorism. Pauline has a long-standing career within the public sector.
Deputy Executive Secretary, MONEYVAL
Andrew Le Brun
Andrew joined the MONEYVAL Secretariat (part of the Council of Europe) in October 2019 and became Deputy Executive Secretary in December 2020. His responsibilities include coordination of MONEYVAL’s mutual evaluations of member countries’ implementation of the FATF Standards.
Chief Adviser, Jersey Financial Services Commission
Hamish Armstrong
Hamish Armstrong is an AML/CFT professional with over 20 years’ experience in delivering successful policy and operational outcomes. He experienced FATF assessor, having regularly participated in mutual evaluations of other jurisdictions’ AML/CFT frameworks, and acted as Head of Delegation to Moneyval for 4 years. His specialities include AML/CFT policy, regulation and supervision, regulatory investigations, FATF/Moneyval evaluations.
Sanctions Monitoring Board, MIA
Gabrielle Caligari Conti
Ms Gabrielle Caligari-Conti is a European law graduate. She joined the Ministry for Foreign and European Affairs in 2019 as Manager within the Sanctions Unit and handles sanctions compliance and queries as part of her day-to-day duties.
President, IFSP
Nick Captur
Nick leads one of the firm’s international tax teams in Malta, focusing on transaction and implementation support typically to multinational groups and private clients. His experience is mostly in Consumer Business, Technology and Life Sciences industries. He has 13 years’ experience in this field and was previously in Deloitte’s Financial Advisory practice in Malta for 12 years. Before then he was based in London with Andersen’s Corporate Recovery Services group where he gained 5 years hands-on operational and management experience in turnaround situations in the UK and Australia.
Chair, Step Malta Branch
Priscilla Mifsud Parker
Priscilla is a private client lawyer who heads the Families & Wealth and Corporate, Trusts & Fintech practice groups within the firm. She specialises in wealth structuring and preservation for business families and high net worth individuals, corporate structuring and residency and citizenship planning.
Competent Authority & Tax Specialist, HMRC
Karen Murphy
After a 22 year career in the Royal Air Force, I undertook a new and very different challenge when I joined HM Revenue and Customs (HMRC) as a Tax inspector. Following a 4 year training programme, I focused on large and complex cross tax compliance investigations. This casework tended to be intelligence led and so when the opportunity arose, I was delighted to join HMRC intelligence teams as a tax specialist. My work always centred around unravelling complex offshore structures to understand beneficial ownership and identifying fraud; this work has led me to my most recent role, as a Competent Authority and tax specialist for the Exchange of Information with overseas tax administrations.
Consultant, Malta Financial Services Advisory Council
Pier Massa
Pier is a consultant engaged by the MFSAC to integrate and advise on its long-term strategy for Financial Services in Malta and to establish an effective Program Management process for implementation. Pier built his career in North America, where he held senior executive roles within the Canadian Imperial Bank of Commerce, Molson Coors, and S. C. Johnson in Canada. He was part of the core team that launched Virgin’s health care business in the United States, now branded Virgin Pulse. Pier built his consulting credentials with the Boston Consulting Group. He now launches new businesses globally for Fortune 500 clients while also working locally enabling business transformation and change for large clients.
Senior Manager, FIAU
Kristina Arbociute
Kristina Arbociute joined the FIAU in 2016 and is currently a Senior Manager within the Supervision Section. Prior to this, she was overseeing the team responsible for supervising DNFBPs through various supervisory methods. Upon joining the FIAU, Kristina was a Compliance Officer, where she was involved in the carrying out of AML/CFT supervisory examinations, ensuring subject persons’ compliance with AML/CFT obligations, and providing necessary guidance where required.
